Finding a broker may not seem like a challenge initially, but it doesn’t take long for people to realize just how tough it can be. The number of companies providing trading services is increasing with each passing day due to the influx of traffic in the market and this means that you have tons of options to choose from. Obviously, you cannot check every company individually, but this doesn’t mean that you don’t bother checking at all. You have to shortlist the options and then check the remaining ones to pick the best possible platform for your needs. Going through this Halebore review can help you in this regard.
It is not just the quality of services through which you can distinguish between brokers; it is also important to check their legitimacy. This is because scam brokers have become rampant in the financial market, due to their lucrative nature and the huge victim pool they offer to cybercriminals. Over the years, countless people have suffered at the hands of these fraudulent brokers. Do you want to be another statistic? No one wants to be a victim, but you cannot make it happen just because you will it.
You also need to put in some effort in order to avoid such disastrous consequences. This means doing research and checking into the services and promises made by a broker before deciding to trust them. Upon doing so, you will be able to identify the problems and then you can decide if they are acceptable or not. For instance, some people may be willing to accept a bit higher spreads in exchange for the best tools or platform. But, you wouldn’t be comfortable in signing up with a broker that has unfair practices. Halebore is one of the brokers in the financial markets and when you delve deeper into this platform, you will find out the problems associated with it.
What are they? Check some of the prominent ones below:
No licensing or regulation
The licensing and regulation of a broker offers you security because you know it is a trustworthy firm that has been put through the wringer of regulatory authorities before being granted a license. It allows you to access quality and fair services, but Halebore is a shady brokerage that claims to be operated by a company named Halebore Ltd. The problem is that this company operates yet another shady broker and this doesn’t do it any favors.
Most importantly, the company is allegedly registered in the United Kingdom, but there is no licensing information on their website. Why is this a problem? It is an issue because for a company to be able to operate in the UK, they have to have a license from the Financial Conduct Authority (FCA), which is the regulator in the country. Yet, you will not find any information on Halebore’s website and if you run their name in the online register of the broker, you will not find it listed there at all. This means that if the company is really based in the UK, it is operating illegally and that makes it untrustworthy.
Problematic Terms and Conditions
The lack of licensing and regulation is a deal breaker for many, but if you are looking for further reassurance about Halebore not being an appropriate platform, you wouldn’t have a problem in finding them. First and foremost, you will find out that all registration links on their website are broken, which raises a big red flag. They haven’t mentioned any of their trading conditions either and this is not something you would expect from an authentic broker.
However, the biggest issue is with the Terms and Conditions of the broker because they indicate just how Halebore is looking for ways to exploit those who sign up on its platform. They have mentioned hefty withdrawal fees on their clients, which are a problem because many broker these days just waive them off as a sign of good faith. Secondly, they have also imposed a 10% levy on trading accounts that don’t execute a certain number of trades.
In addition, trading bonuses are also offered by Halebore and they have the same scammer catch; once you have accepted the bonus, you will be required to meet some really high minimum trading requirements before being allowed to withdraw. The problem is that they also have a policy of Non-deposited funds, which means that you cannot withdraw profits made from bonuses before meeting some conditions. The problem is that there is no way to physically separate profits made from your own deposit and from the trading bonus, which means you will not be allowed to withdraw at all.
Absence of a trading platform
If you need to know one more reason to avoid Halebore altogether, this one is it. The broker has not provided any clear details about what trading platform they offer and this is a major red flag. Why? This is because it is the most crucial tool that an online broker can offer to traders, which means they should be upfront about it. Plus, the MT4 and the MT5 are the leading trading solutions and any good broker would add one of these to their offerings and mention it as well. But, no such information is available and this is worrisome.
No mention of leverage or minimum deposit
As aforementioned, you will not find any details about the trading conditions offered by Halebore and this means you don’t know what kind of leverage they provide. Likewise, they haven’t mentioned the minimum deposit either, which indicates that you will be going in blind, not knowing how much will be asked of you. This doesn’t sound like something a good and reliable company would ever do.
From the aforementioned problems, it is abundantly clear that Halebore is not a broker that has your best interests at heart. It is a shady platform that doesn’t really have anything to offer and is only interested in scamming people.